GIC Bid for Paulson Resorts Moves to Auction

Sept. 10 (Bloomberg) -- Government of Singapore Investment
Corp.’s $1.5 billion offer for resorts owned by hedge fund
Paulson & Co. will move forward to an auction where GIC will
lead the bidding.

The Singapore sovereign wealth fund has agreed to buy the
four resorts, which filed for bankruptcy last year, subject to
higher bids. U.S. Bankruptcy Judge Sean Lane in Manhattan said
at a court hearing today that he would approve an order allowing
the auction.

Paulson put five resorts into bankruptcy last year after a
foreclosure and later sold the Doral Golf Resort and Spa in
Miami. The remaining four resorts are the Grand Wailea in
Hawaii, La Quinta Resort & Club in La Quinta, California, the
Arizona Biltmore in Phoenix, and the Claremont Hotel Club & Spa
in Berkeley, California.

The auction, originally scheduled for Oct. 25, will be
moved to Nov. 8, Paul Basta, an attorney for the resorts, said
in court.

The case is In re MSR Resort Golf Course LLC, 11-10372,
U.S. Bankruptcy Court, Southern District of New York
(Manhattan).